2026年基础设施投资展望

Recent industry discussions and analyses have paidconsiderable attention to the development of AI datacenters and the current limitations facing the power grid.While important, our 2026 outlook takes a broader view to AUTHORS SIONGKOON LIMPartner MARTIN WEISSBART We begin our analysis by examining two significant trends influencing theinfrastructure investment landscape across multiple sectors: the resurgence of After discussing these overarching trends, we will turn our attention to the 2026hotspots for investment within traditional infrastructure sectors. Finally, we will After several years of subdued activity in large-scale transactions, there is renewedoptimism in large-cap dealmaking. This turn is driven by several factors, includingincreased clarity around the trajectory of interest rates, improved financing Cross-sector appetite for large-cap transactions The appetite for larger transactions is not limited to a single sector, but spans abroad range of industries. Notably, there is interest not only in core transportation Resilient mid-market activity This renewed enthusiasm for large-cap transactions is not expected to diminishmid-market activity, where deal flow is projected to remain robust. Many mid-cap assets offer attractive opportunities for value creation, especially throughoperational enhancements, platform development, and efforts to de-risk cash flows Value creation: a multi-year theme matures For years, our our annual infrastructure investment outlooks have highlighted agrowing emphasis on value creation. Year after year, our survey respondents have From optional to expectation Value creation is no longer seen as a discretionary element. While many large-capfunds have already integrated value creation into their portfolio management This shift reflects a broader trend in which operational improvements andstrategic enhancements to asset performance are considered essential for The importance of focusing on the exit story When developing a value creation plan, it has become ever more important tomaintain clear focus on the exit story. This approach is especially beneficial for However, crafting such exit strategies has become more complex in the current "Value creation is now a fundamentalexpectation for both large-cap and mid- MARTIN WEISSBART Striking a balance between de-risking cash flows and maintaining strong organicrevenue growth is becoming increasingly complex in the current market landscape. To address this, organizations are adopting a more detailed and targeted approachto value creation. This involves breaking down and analyzing the most attractivemarket segments and use cases to ensure performance is measured accuratelyand resources are allocated effectively. Additionally, prioritizing capital expenditureshas become crucial, allowing firms to focus investments on areas with the highestpotential impact. In some cases, restructuring the commercial engine is necessaryto enhance competitiveness and capture greater market share. By implementingthese strategies, companies aim to optimize performance, mitigate risks, andsustain growth amid ongoing macroeconomic headwinds. •Intermodal rail, enabling modal shift from road to rail and port-to-inlandconnectivity strategically positioned to support the fast-charging infrastructure required to •Aviation equipment leasing, providing full-service leasing and lifecycle support formission-critical assets underpinning air travel and cargo operations (including Energy and utilities We are seeing several M&A hotspots in energy and utilities: •District heating and heat networks, decarbonizing building heat through low-carbon energy delivery•Chemical parks, supplying industrial utilities (e.g. power, steam) and shared siteservices to tenants Deep dive: waste within utilities Within the waste sector, there is broad investor interest in thefollowing asset types:•Energy-from-waste (EfW) and waste-to-energy (WtE), especially thosewith CCUS readiness Digital infrastructure Within digital infrastructure, investors are focused on: •Data centers for AI, providing compute capacity for the AI buildout•Edge computing data centers, minimizing latency and improving •Towers, small cells and wireless infrastructure, benefiting from 5G densification Social infrastructure In social infrastructure, investor attention is directed toward assets that support •Specialized healthcare equipment leasing and services, such as clinical trialequipment, supporting medical research and new treatment development Hybrid infrastructure outlook: Hybrid infrastructure encompasses assets that do not fit neatly into the traditionalinfrastructure categories of transportation, energy and utilities, digital or Key characteristics of hybrid infrastructure assets •Deliver mission-critical services that are essential to the functioning ofkey sectors or activities Distinguishing features Unlike traditional core infrastructure assets, businesses in